The board of directors of Merchant Bank has terminated the appointment of Peter Iliasu as Managing Director with immediate effect. The board says it has taken this decision in order to protect the bank, its shareholders and employers. A statement issued by the Board of Directors of the Bank noted: “our efforts are directed towards pursuing sound corporate practices, sound governance and ensuring that the fiduciary responsibilities placed on the Director are executed in the interest of shareholders and other stakeholders.” The statement further urged employees and the general public to remain “professional and abide by all policies, procedures and ethical codes which make for sound banking.” The statement officially confirms earlier reports that the board of bank asked Mr. Iliasu to resign or be forced out. He is accused of granting loans to some institutions without board approval. Peter Illiasu, a former Executive Director of Fidelity Bank Ghana assumed the position as the MD in September, 2009. Source: Joy Business/Myjoyonline.com/Ghana